Homework Answers
| 1 | Shares Authorized | 3,60,000 | ||||
| Shares issued | 1,55,000 | (2170000/14) | includes premium 5 | |||
| Shares Outstanding | 148,000 | (155000-7000) | exclude treasury stock | |||
| 2 | Additional Paid in Capital | 7,75,000 | (1,55,000*5) | Premium 5 | ||
| 3 | Earnings Per share | 2.05 | (303400/148000) | (Net income/Shares outstanding) | ||
| 4 | Dividend paid per Share | 1.17 | (173160/148000) | (Dividend/Shares outstanding) | ||
| 5 | Under the cost method of recording treasury stock, the cost of treasury stock is reported at the end of the Stockholders' Equity section of the balance sheet. | |||||
| Treasury stock will be a deduction from the amounts in Stockholders' Equity. | ||||||
| Treasury Stock in the problem at Cost= | 98,000 | (7000*14) | ||||
6)ans:-
| Shares issued @ $ 15 = $ 2,170,000 / $ 14 = | 1,55,000 | Shares |
| Stocks are split in 2 shares against one shares = | 3,10,000 | Shares |
| (155,000 shares X 2 Shares) | ||
| Less: Repurchases Shares as treasury Stock | 7,000 | Shares |
| Net Shares Outstanding | 3,03,000 | Shares |
| Answer: | ||
| Par value Per shares = | $ 5(10/2) | Per shares |
| Shares outstanding | $ 3,03,000 | Shares |
| 7 | Transaction | General Journal | Debit | Credit |
| 1 | No journal entry required | |||
| 8 | Transaction | General Journal | Debit | Credit |
| 1 | Retained earnings (10% x 148000 x $21) | 310800 | ||
| Stock dividends payable (10% x 148000 x $10) | 148000 | |||
| Additional paid-in capital | 162800 | |||
Add Answer to:
At the end of the year, the records of NCIS Corporation provided the following selected and...
At the end of the year, the records of NCIS Corporation provided the following selected and...
At the end of the year, the records of NCIS Corporation provided the following selected and incomplete data: Common stock ($10 par value); no changes in account during the year. Shares authorized: 290,000. Shares issued: (all shares were issued at $14 per share; $2,170,000 total cash collected). Treasury stock: 5,000 shares (repurchased at $18 per share). The treasury stock was acquired after a stock split was announced. Net income: $297,000. Dividends declared and paid: $165,000. Retained earnings beginning balance: $645,000....
At the end of the year, the records of NCIS Corporation provided the following selected and...
At the end of the year, the records of NCIS Corporation provided the following selected and incomplete data: Common shares: $10 par value at the beginning of the year Shares authorised: 200,000 Shares issued: all shares were issued at $17 per shares. Total cash collected: $2,125,000 There was a 2:1 stock split during the year. Treasury stock: 3,000 shares (repurchased at $20 per share). Treasury stock acquired after the stock split. Net income $240,340. Dividends declared and paid $123,220. Retained...
P11-1 Finding Missing Amounts LO 11-1, 11-2, 11-3, 11-4, 11-6 At the end of the year,...
P11-1 Finding Missing Amounts LO 11-1, 11-2, 11-3, 11-4, 11-6 At the end of the year, the records of NCIS Corporation provided the following selected and incomplete data: Common stock (par $10); no changes in account during the year. Shares authorized, 400,000. Shares issued: (all shares were issued at $15 per share. Total cash collected: $2,130,000. Treasury stock: 7,000 shares (repurchased at $14 per share). The treasury stock was acquired after a stock split was announced. Net income, $282,150. Dividends...
At December 31, the records of Kozmetsky Corporation provided the following selected and incomplete data: Common...
At December 31, the records of Kozmetsky Corporation provided the following selected and incomplete data: Common stock (par $2; no changes during the current year). Shares authorized, 5,000,000. Shares issued, ? ; issue price $8 per share. Shares held as treasury stock, 10,000 shares, cost $6 per share. Net income for the current year, $481,000. Common Stock account, $150,000. Dividends declared and paid during the current year, $2 per share. Retained Earnings balance, beginning of year, $800,000. Required: Complete the...
At December 31 the records of Kozmetsky Corporation provided the following selected and incomplete data: Common...
At December 31 the records of Kozmetsky Corporation provided the following selected and incomplete data: Common stock (par $2; no changes during the current year). Shares authorized, 5,000,000. Shares issued, ?, issue price $8 per share. Shares held as treasury stock, 11,500 shares, cost $6 per share. Net income for the current year, $420,900. Common Stock account, $145,000. Dividends declared and paid during the current year, $2 per share. Retained Earnings balance, beginning of year, $750,000. Required: Complete the following:...
At December 31 the records of Kozmetsky Corporation provided the following selected and incomplete data: Common...
At December 31 the records of Kozmetsky Corporation provided the following selected and incomplete data: Common stock (par $2; no changes during the current year). Shares authorized, 5,000,000. Shares issued, ? ; issue price $9 per share. Shares held as treasury stock, 10,400 shares, cost $7 per share. Net income for the current year, $519,480. Common Stock account, $154,000. Dividends declared and paid during the current year, $2 per share. Retained Earnings balance, beginning of year, $840,000. Required: Complete the...
At December 31 the records of Kozmetsky Corporation provided the following selected and incomplete data: Common...
At December 31 the records of Kozmetsky Corporation provided the following selected and incomplete data: Common stock (par $2; no changes during the current year) Shares authorized, 5,000,000. Shares issued, ? issue price 57 per share. Shares held as treasury stock, 11,700 shares, cost $5 per share. Net income for the current year, $400,660. Common Stook account, $143,000. Dividends declared and paid during the current year, $2 per share Retained Earnings balance, beginning of year, $730.000. Required: Complete the following:...
Prepare the journal entry necessary to record each event,and then agree the year-end balances wit...
Prepare the journal entry necessary to record each
event,and then agree the year-end balances with the
December 31, 2017 Stockholders' Equity statement given above.
The equity sections from Fields Group's 2016 and 2017 year-end balance sheets follow Stockholders' Equity (December 31, 2016) Common stock-$4 par value, 150,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings 240,000 36,000 200,000 $476,000 Total stockholders' equity Stockholders' Equity (December 31, 2017) Common stock-$4 par...
L. HW. Saved The equity sections from Atticus Group's 2016 and 2017 year-end balance sheets follow...
L. HW. Saved The equity sections from Atticus Group's 2016 and 2017 year-end balance sheets follow Stockholders' Equity (December 31, 2016) Common stock-$4 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $160,000 120,000 320,000 $ 600,000 Total stockholders' equity Stockholders' Equity (December 31, 2017) Common stock-$4 par value, 100,000 shares authorized, 47,400 shares issued, 3,000 shares in treasury Paid-in capital in excess of par value, common stock...
The following information pertains to JAE Corp. at January 1, Year 1: Common stock, $10 par, 14,...
The following information pertains to JAE Corp. at January 1, Year 1: Common stock, $10 par, 14,000 shares authorized, 2,800 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $28,000 14,500 64,400 JAE Corp. completed the following transactions during Year 1: 1. Issued 750 shares of $10 par common stock for $31 per share. 2. Repurchased 160 shares of its own common stock for $28 per share. 3. Resold 50 shares of treasury stock for...
At the end of the year, the records of NCIS Corporation provided the following selected and incomplete data: Common stock ($10 par value); no changes in account during the year. Shares authorized: 290,000. Shares issued: (all shares were issued at $14 per share; $2,170,000 total cash collected). Treasury stock: 5,000 shares (repurchased at $18 per share). The treasury stock was acquired after a stock split was announced. Net income: $297,000. Dividends declared and paid: $165,000. Retained earnings beginning balance: $645,000....
P11-1 Finding Missing Amounts LO 11-1, 11-2, 11-3, 11-4, 11-6 At the end of the year, the records of NCIS Corporation provided the following selected and incomplete data: Common stock (par $10); no changes in account during the year. Shares authorized, 400,000. Shares issued: (all shares were issued at $15 per share. Total cash collected: $2,130,000. Treasury stock: 7,000 shares (repurchased at $14 per share). The treasury stock was acquired after a stock split was announced. Net income, $282,150. Dividends...
At December 31, the records of Kozmetsky Corporation provided the following selected and incomplete data: Common stock (par $2; no changes during the current year). Shares authorized, 5,000,000. Shares issued, ? ; issue price $8 per share. Shares held as treasury stock, 10,000 shares, cost $6 per share. Net income for the current year, $481,000. Common Stock account, $150,000. Dividends declared and paid during the current year, $2 per share. Retained Earnings balance, beginning of year, $800,000. Required: Complete the...
At December 31 the records of Kozmetsky Corporation provided the following selected and incomplete data: Common stock (par $2; no changes during the current year). Shares authorized, 5,000,000. Shares issued, ?, issue price $8 per share. Shares held as treasury stock, 11,500 shares, cost $6 per share. Net income for the current year, $420,900. Common Stock account, $145,000. Dividends declared and paid during the current year, $2 per share. Retained Earnings balance, beginning of year, $750,000. Required: Complete the following:...
At December 31 the records of Kozmetsky Corporation provided the following selected and incomplete data: Common stock (par $2; no changes during the current year). Shares authorized, 5,000,000. Shares issued, ? ; issue price $9 per share. Shares held as treasury stock, 10,400 shares, cost $7 per share. Net income for the current year, $519,480. Common Stock account, $154,000. Dividends declared and paid during the current year, $2 per share. Retained Earnings balance, beginning of year, $840,000. Required: Complete the...
At December 31 the records of Kozmetsky Corporation provided the following selected and incomplete data: Common stock (par $2; no changes during the current year) Shares authorized, 5,000,000. Shares issued, ? issue price 57 per share. Shares held as treasury stock, 11,700 shares, cost $5 per share. Net income for the current year, $400,660. Common Stook account, $143,000. Dividends declared and paid during the current year, $2 per share Retained Earnings balance, beginning of year, $730.000. Required: Complete the following:...
Prepare the journal entry necessary to record each
event,and then agree the year-end balances with the
December 31, 2017 Stockholders' Equity statement given above.
The equity sections from Fields Group's 2016 and 2017 year-end balance sheets follow Stockholders' Equity (December 31, 2016) Common stock-$4 par value, 150,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings 240,000 36,000 200,000 $476,000 Total stockholders' equity Stockholders' Equity (December 31, 2017) Common stock-$4 par...
L. HW. Saved The equity sections from Atticus Group's 2016 and 2017 year-end balance sheets follow Stockholders' Equity (December 31, 2016) Common stock-$4 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $160,000 120,000 320,000 $ 600,000 Total stockholders' equity Stockholders' Equity (December 31, 2017) Common stock-$4 par value, 100,000 shares authorized, 47,400 shares issued, 3,000 shares in treasury Paid-in capital in excess of par value, common stock...
The following information pertains to JAE Corp. at January 1, Year 1: Common stock, $10 par, 14,000 shares authorized, 2,800 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $28,000 14,500 64,400 JAE Corp. completed the following transactions during Year 1: 1. Issued 750 shares of $10 par common stock for $31 per share. 2. Repurchased 160 shares of its own common stock for $28 per share. 3. Resold 50 shares of treasury stock for...
Most questions answered within 3 hours.
-
Industry: Telecommunications in India
Here, you need to discuss the sources of the growth pattern
and...
asked 1 hour ago -
Hydrobromic acid
dissolves solid iron according to the followiaung reaction:
Fe(s)+2HBr(aq)→
FeBr2(aq)+ H2(g)
Part A. What...
asked 2 hours ago -
Verify the following vector identity in SPHERICAL
COORDINATES.
div(curl(A)) = 0
asked 4 hours ago -
The work function (Φ) for a metal is 7.50×10-19 J.
What is the longest wavelength (nm)...
asked 5 hours ago -
1. Would the following procedural changes cause the
calculated mass percent Ni2+ ion in Ni(NH3)nCl2 to...
asked 6 hours ago -
1. Why does the voltage of the capacitor vary with frequency?
where does this missing voltage...
asked 8 hours ago -
p p please write each step out clearly
3. A manager of a company is considering...
asked 7 hours ago -
On October 1, Ebony Ernst organized Ernst Consulting; on October
3, the owner contributed $83,540 in...
asked 8 hours ago -
A.)As an electron moves through a region of space, its speed
decreases from 9.60 × 106...
asked 8 hours ago -
In java with the netbeans program do:
Through object programming
Create a class "ContadorP", which is...
asked 8 hours ago -
Pattern Corporation acquired all of Science
Company's outstanding stock on January 1, 2016 for $600,000 cash....
asked 8 hours ago -
Here are all accounts Tyler Co. maintains.
Tax expenses $4,750
Common stocks $48,840
SG&A expenses $2,500...
asked 8 hours ago